Governor Peter Shumlin: Proposal for Additional Monies Towards Downtown Tax Credit Program

Description

Governor Peter Shumlin holds his weekly press conference at the former Sha Na Na's Nightclub, 101 Main Street in Burlington, part of the Hilton Gardens development project.  Joined by key lawmakers, supporters of Vermont’s downtown tax credit program and others, Gov. Peter Shumlin outlined a proposal to provide an additional $500,000 annually to strengthen city and town centers, while restricting until 2020 some of the big-box retail development that can sap the economic vitality of community centers.

Under the plan, lawmakers will be asked to approve a 30 percent increase in the $1.7 million Downtown and Village Tax Credit program, which supports historic renovation, housing, job creation and other qualifying efforts to strengthen the economic vitality of the 24 Designated Downtowns and 107 Villages in the program. That money was used in 2013 for 21 projects and leveraged over $22 million worth of construction activity.